Rockwell Land eyes P10B for expansion

By Beatriz Marie D. Cruz, Reporter

ROCKWELL LAND CORP. plans to raise as much as P10 billion from a bond offer to help fund the expansion of its retail and residential portfolio.

The proposed issuance will have a base offer of P7 billion, with an oversubscription option of as much as P3 billion, the company said in a stock exchange filing on Tuesday. The bond sale represents the initial tranche of Rockwell Land’s P20-billion shelf registration program.

The Philippine Rating Services Corp. (PhilRatings) assigned the proposed bonds a PRS Aaa rating with a stable outlook, indicating the highest credit quality and minimal credit risk. A stable outlook signals that the rating is expected to be maintained over the next 12 months.

PhilRatings said the rating reflects Rockwell Land’s established brand, solid management team and support from its parent company, sustained growth, strong liquidity position and conservative capital structure.

“The bond issuance could anchor Rockwell’s expansion into the retail and hospitality sectors given that recent deals — especially the acquisition of Alabang Town Center (ATC) — require extensive cash [outlays],” Shawn Ray R. Atienza, an AP Securities, Inc. equity research analyst, said in a Viber message.

The bond offer is likely to attract strong investor interest, particularly after ATC in Muntinlupa City was added to the company’s asset portfolio, said Juan Paolo E. Colet, managing director at China Bank Capital Corp.

Rockwell Land recently acquired a 74.8% stake in Alabang Commercial Corp., which owns and operates ATC, for P21.6 billion.

ATC, a 17.5-hectare retail and office complex south of Metro Manila, is a prime asset with significant redevelopment potential, Mr. Colet said in a Viber message, adding that investors are likely to expect the mall to contribute to Rockwell Land’s financial performance over time.

Since December 2024, Rockwell Land has launched three premium residential projects in provincial locations, betting on demand for luxury developments outside Metro Manila.

Its expansion pipeline also includes a second Power Plant Mall in Angeles City, Pampanga; additional retail space within Rockwell at IPI Center in Cebu City; and Power Plant Mall Bacolod in Rockwell Center Bacolod.

PhilRatings said the company’s land bank of more than 500 hectares supports its growth outlook.

For the first nine months of 2025, Rockwell Land posted a 7% increase in consolidated revenues to P15 billion, driven by strong performance from its high-end residential projects.

Shares of Rockwell Land rose 1.62% or three centavos to close at P1.88 each, according to data from the Philippine Stock Exchange.